Will GBPUSD start moving downwards from the November high?
The GBP is moving full steam to November high. There is a bat pattern that has been created but I am not convinced this trade is valid at the moment.
What I would like to see is a smaller pattern to short will happen next week to short GBPUSD. This is shown in green. If the November high is broken then the 1.2575 level will become a strong support.
Keep a sharp eye on this level. If this level holds, we maybe in a big short for GBP for about 400 pips.
What I would like to see is a smaller pattern to short will happen next week to short GBPUSD. This is shown in green. If the November high is broken then the 1.2575 level will become a strong support.
Keep a sharp eye on this level. If this level holds, we maybe in a big short for GBP for about 400 pips.
Comment:
The reaction was quick and violent. I will wait for a pattern to be created with 1.27 as Point X.
Order cancelled:
There is no pattern established so this trade is cancelled. Will look to go long next week with the trend.